Happy Friday, traders! Are you ready to trade at the end of the week? Here’s what you need to know before you start:
Euro tumbles in Asia as attention shifts to Wyoming meeting
On Monday, the common currency dived in Asia because attention shifts to a gathering of key bankers in Wyoming this week just to see whether the ECB is going to start discussing its dial-back initiatives for stimulus in more detail or not.
The currency pair EUR/USD hit 1.1754, decreasing 0.06%. Besides this, AUD/USD reached 0.7930, going down 0.01%. At the same time USD/JPY demonstrated 109.24, soaring 0.05%.
Tracking the US currency’s strength versus a trade-weighted basket of six main currencies, the US dollar index went up 0.04% trading at 93.40.
The previous week on Friday, the evergreen buck inched down versus a basket of the other key currencies because political uncertainty in the USA as well as surging doubts over the prospects for another rate lift by the Fed in 2017 added pressure.
The US currency went down to four month minimums versus the Japanese rival earlier in the day, although pared losses after reports that Steven Bannon, senior White House advisor was leaving his position.
Now traders follow the economic events with new vision as inflation in the US seems like decreasing. Let’s see what releases will influence the market due to that factor.
The week will have the biggest event in the US political process over the last two years. How will the elections affect the Forex market? We covered the most important news of this week in this report.
S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.
The United States Bureau of Labor Statistics will publish the US Consumer Price Index (CPI) m/m on January 12 at 15:30 GMT+2. The index measures a change in the price of goods and services purchased by consumers.
2022 was rough: inflation, energy crisis, and plenty of other controversial situations…